Here’s our most recent conversation with a millionaire as we aim to glean insights from individuals who have amassed significant wealth.
If you are interested in being considered for an interview, send me a message and we can discuss the details.
This discussion occurred in May.
My inquiries are in bold italics and their replies are in black.
Let’s begin…
### OVERVIEW
***What is your age (and spouse’s if relevant, and how long have you been wed)?***
We are both reaching 53 this year and have been married for 27 years.
***Do you have children/family (if yes, how old are they)?***
We have three sons aged between 19 and 26. One is at college but remains within our state, another is in college and stays at home, while the youngest has moved out and is living independently around 4.5 hours away.
It feels phenomenal to know that we have nurtured children who can stand on their own, yet there’s a bittersweet sensation when you realize they require you less than before.
***What region of the country do you reside in (urban or rural)?***
We live in the Northeast in a rural/suburban milieu.
While we don’t categorize ourselves in a high-cost-of-living region, property taxes are harsh and influence the overall living expenses here.
***What is your current net worth?***
$7.34M as of May 2, 2025.
***What are the key assets contributing to your net worth (stocks, real estate, business, home, retirement accounts, etc.) and any debt that offsets some of these?***
– Traditional 401Ks and IRAs: $3.51M
– Net Real Estate Equity: $1.00M
– After-tax brokerage accounts: $0.88M
– Cash Balance Pension: $0.71M
– Deferred Compensation: $0.49M
– Roth 401Ks and IRAs: $0.32M
– Cash: $0.25M
– 529 Plan: $0.18M
A few points: Real estate comprises a primary residence, a vacation home, and 6 long-term rental properties.
The after-tax brokerage accounts consist of one online account containing a dividend portfolio and an advised account that is strategically invested for growth.
The cash balance pension plan is fully vested. Deferred compensation will be distributed evenly over 5 years post-retirement. We anticipate fully utilizing the 529 plan by the time our youngest finishes college.
### EARN
***What is your occupation?***
We both hold Director-level positions in Project/Program management at a Fortune 500 organization.
We have been fortunate enough to have worked together at the same company for nearly all of our careers, apart from the first year or two.
***What is your yearly income?***
After 29 and 30 years in our post-college careers, our combined total annual base salary amounts to $563,400, with a target variable compensation at 25% (which can fluctuate from 0% to 40% based on personal and corporate objectives). We also earn an annual retention bonus of 15% unrelated to the variable compensation.
Our income continues to astonish us, and we are immensely thankful for the chances we’ve received.
***Give us an overview of your income trajectory. What was the starting salary of your first job, how did it evolve from there (and what steps did you take to facilitate that growth), and where do you stand now?***
Our initial post-college jobs with engineering diplomas offered salaries of $37,000 and $39,000. We switched companies once, which led to a 10% salary increase for one of us while the other saw no increase (I mistakenly indicated on the application that my desired salary matched my current salary – they were pleased to meet my expectations!).
We didn’t transition for additional pay; we changed for a more suitable location. We were engaged and residing 6 hours apart.
Our degrees were somewhat specialized, making it challenging to secure two jobs in the same geographical area with separate companies. Thus, we interviewed as a package deal—openly stating that we were engaged and both required offers to make it feasible.
They accepted this proposal, and in retrospect, it was the best decision for our careers and future family.
Our first child faced some health complications at birth, and our employer was incredibly accommodating, allowing us to work remotely when necessary (even over dial-up internet!) and permitting one of us to adopt a part-time schedule outside standard business hours.
With these straightforward yet impactful provisions, our company demonstrated their commitment to us, fueling our dedication to them, and our focus has consistently been on hard work and excellence.
Throughout our professional lives, we seldom requested raises.